India’s upcoming most soaring and super-luxury residential structure, The Minerva is being revived by real estate developer Shapoorji Pallonji Real Estate and Asia Pacific-focused investment company PAG. Using their brand and monetary support they are financing this luxury project in the Mahalaxmi Locality of South Mumbai. Indiabulls Housing Finance already funds the project and the current developer Lokhandwala Kataria Constructions will continue being the development partner that will execute the project. The marketing, branding and sales of this ultra-luxurious project will be handled by Shapoorji Pallonji Real Estate.
The 91-story high-rise, which stands more than 300 metres tall, offers a view of the Arabian Sea and the Mahalakshmi Racecourse. The remaining inventory that hasn't been sold is estimated to yield over Rs 1,500 crore in revenue, with a saleable area of almost 1.2 million square feet.
Over 200 house buyers are anticipated to move in soon after they acquire a partial occupation certificate (OC) from the city government up to the 51st habitable floor. The project's rehabilitation component is also almost finished. There are 372 units in total in the ultra-luxurious development, and some businesspeople and celebrities have already bought residences there.
Venkatesh Gopalkrishnan, CEO, of Shapoorji Pallonji, said, “ The project aligns with our strategy of expanding our presence in the ultra-luxury segment. With Indiabulls Housing Finance and investment major PAG as the financial partners for Minerva, this project gains a lot of confidence”.
The project had been started at the end of 2010 but was put on hold because the authorities took too long to approve the floor space index (FSI) as a whole. Industry analysts claim that Lokhandwala Kataria Constructions, the project's developer, had petitioned the court for a directive to secure the required approvals. Following this, it took a while for the authorities to grant each of the necessary approvals, and then Covid-19 further delayed the project.
As per Rajiv Gandhi, Head of Commercial Credit at Indiabulls Housing Finance, the collaboration with Shapoorji Pallonji Real Estate represents trust, expertise, and quality in execution in order to produce the opulent Minerva project.
Kanak Kapur, Partner and Managing Director at PAG Credit & Markets said, “We are glad to come in as a financing partner with SPRE for this landmark project in India, one of the fastest-growing real estate markets in Asia. We are confident in the group's ability to develop high-quality real estate projects with superior services.”
According to Ali Lokhandwala, MD of Lokhandwala Kataria Construction, Minerva is India's tallest tower and will represent it as the nation's landmark on the world's tallest buildings.
Mumbai, the largest real estate market in the nation, has continued to establish records for property registration and far exceeded pre-pandemic performance levels in December.
